Seed Fund

Program Overview

This program is not currently accepting applications.

The Seed Fund’s mission is to advance innovative and promising life science companies in targeted geographies throughout the Commonwealth by working with partners to leverage resources and promote economic development.

Individual investments of up to $250,000 in a convertible note will be awarded to life sciences start-ups, and up to $1 million of capital investment is available.

Eligibility & Evaluation

The Seed Fund is targeting life sciences companies broadly, which includes therapeutics, medical devices, diagnostics, and bioinformatics/digital health technologies.

Pre-seed to early-stage companies who have not yet raised their first priced round are encouraged to apply for this program.

To be eligible to apply, companies must be located in or intend to locate (with a significant presence or sound hiring/growth strategy) in one of the Seed Fund geographies: Amherst, Beverly, Lowell, Mansfield, North Adams, Springfield, Pittsfield, and Worcester.

At the time of investment, companies must:

  • Be physically located (with a year-long lease) in one of the Seed Fund geographies
  • Produce Certificates of Good Standing from the Department of Revenue and Secretary of State’s Office
  • Employ at least one full-time Massachusetts employee
    • Majority of employees must be employed in MA
    • Detailed offer letter for new FTE or a recent pay-stub indicating full time pay for a MA employee must be produce

Applications are accepted and reviewed on a rolling basis, and the evaluation will consist of a two phase process. In Phase I, submitted applications will be screened, and applicants will be notified within a month whether they will advance to pitch to the group or have an opportunity to schedule a feedback call.  If advanced beyond the pitch, companies will enter Phase II, which consists of deep due diligence over the next few months. All recommendations for investment are subject to approval from the MLSC’s Board of Directors.

Please Note: As part of the convertible note, the MLSC will include a Side Letter, which addresses supplemental language that may be absent from the Note Purchase Agreement. Common conditions include the following:

  • Information rights
  • Board Observer Role
  • Participation rights (a right but not an obligation to purchase its Pro Rata Share of any Equity Securities)
  • Representations (Bad Actor clause, Reps and Warrants, and MFN clause)
  • Put Right to maintain a physical presence in a Seed Fund geography
    • Majority of employees employed in incentivized geography
    • Clawback provision if failure to meet the Put Right


Informational Overview

Impact on the Ecosystem

The MLSC is pleased to launch its first-ever Seed Fund, which leverages a federal award from the Department of Commerce’s Regional Innovative Strategies Program.

The Seed Fund aims to provide up to $250,000 in convertible notes to early-stage life sciences companies who are located in particular locations to increase visibility of opportunities, highlight the regions resources, and promote economic development overall across the Commonwealth.

Connect with us to Learn More

If you have any questions regarding the application process, e-mail: